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cameronspecial · 6 years ago

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The Marriage Games (Ch.5)

Pairing: Prince! Tom Holland x Reader

Summary: (Y/N) (Y/L/N) grew up in the palace with her brother and the royals; her and her brother are practically apart of the royal family. The Queen decides to help her eldest son find his own queen by inviting ten female suitors to live in the palace. What happens when through this process he finds love with a woman that is not one of the contestants?

Word Count: 2 069

Disclaimer: This series is inspired by The Selection by Kiera Cass and Yellow Roses by @h-osterfield.

Y/N stood on the pedestal in front of the mirror in her walking in closet. She wore a beautiful white dress with spaghetti straps and a v-shaped neckline. The slowing skirt bottom had an interact design light pink flowers and butterflies. The trail behind her is not that long, but it is longer than she is used to. She instantly fell in love with the dress as soon as she put it. Her pink heels have the same interact flowers and she felt beautiful as well as empowered. “You look lovely, my lady,” Carly praises her boss as she helps Y/N off of the pedestal. Y/N whispers a thank you and sits in her hair and makeup chair. Julia, Y/N’s makeup artist, starts to do her work while Y/N goes over her speech. About an hour later when Julia is finished, Y/N is finally ready to make her way down to the ball with everyone else. Tom had also finished getting ready and steps out of his room in his newly tailored suit. He spots Y/N coming out of her room as well and blushes when he sees that his suit has the same colour scheme as her dress. “You look beautiful, Y/N,” Tom calls out to her. She turns around to see Tom in a matching suit and smiles, “You don’t look too bad yourself. You clean up nicely.” Tom chuckles and holds his arm out to her so that he could escort her to the Ball. She happily accepts it and they make their way over. When they arrive, they go through the typical Royal announcement and they chit chat with all the guest that came. Nikki made her way over to Y/N in a stunning emerald green dress. “It’s time for you to make your speech if you are ready,” she whispers into the young girl’s ear. Y/N nods her head and makes her way over to the balcony to make her speech.

Y/N clears her throat and takes the microphone into her hand. “Excuse me! If I could have everyone’s attention please?” she starts off, “My name is Y/N Y/L/N and I have been living with the royal family since I was four years old. As some of you may or may not know, on Monday, June 21st, I was sexually assaulted in the bathroom of Club Rouge.” Y/N breathes out softly as feels tears start to stream down her cheeks. She quickly wipes them away, “At that moment, I did not know what was going to happen to me. I could help feel his hands all over my body and I felt violated as well as scared. I did not know what was going to happen to me and I did not how far he would be able to get. I felt powerless and afraid, however, I was lucky enough that the royal guards came in time to stop her from going any farther because a lot of people do not have that luck. If they did not come to save me, then who knows what they would have been able to do. He might have been able to continue the assault for a lot longer or … or…” Y/N could feel herself getting lost in her own words and tears continue to stream down her cheeks. She tries to continue, but she didn’t know if she had the strength. All of a sudden she feels an arm intertwining with hers and she looks over to see that it’s Tom’s hand. He gives her an encouraging smile and she feels that she has the strength to continue. “Or I could have been raped. After the incident, I did not know how to feel. I felt glad that it was over, but also scared, angry, sad, and most importantly confused. Confused as to how someone could let themselves make someone feel so afraid. Confused as to why he could not have just asked me to dance if he found me attractive. Confused as to why this had to happen to people all over the world when they just want to live their lives. On that day, I told myself that I’d do anything in my power to stop another person from feeling how I felt.”

Y/N lets out one final breath and then makes her announcement with Tom by her side encouraging her, “Which makes me please to announce the Supporter Organisation. The organization will organize support groups for victims of sexual assault, harassment, rape, and so on. It will also soon be able to help people acquire legal aid such as lawyers if they cannot afford one. Therapy will also be available for those her are seeking it. It will also provide self-defence training and training for the victim’s family members, so that they may be able to look out for signs of depression, PTSD, and other mental health problems that they may experience after the incident. All this will be available to the public as soon as the organization’s building is ready.” The crowd clap when they see that she is finished talking and some raise their hands for questions. “Where will you get the funding for this project?” the partygoer questions. Y/N takes a second and responds, “King Dominic has generously donated half a million dollars for us to be able to build the facility as well as employ legal representation and psychiatrist.” Y/N answers the other questions before the crowd gives her a final round of clapping before she makes her way back down onto the ballroom floor. Nikki walks over to Y/N and wraps her arms to give the girl a warm embrace, “You did wonderful, sweetie.” Y/N whispers a thank you and heads over to the bathroom. She looks at herself through the mirror then sighs for a second; she takes out her lipstick and touches it up. Farryn looks into the mirror with a blank look on her face and Y/N reached out to her to see if she is okay, “Are you okay?” Farryn shakes her head and a tear descends her cheek. Y/N immediately closes the tub of lipstick and envelopes the fellow female in a hug.

“I think I was sexually harassed. A year ago, I was working in a small coffee shop. It was late one night and one of my co-workers, Dave, was helping me close up because there was a big mess and I asked him to. When we had finished and we were getting ready to go home, he had tried to kiss me, but I pushed him off. He told me that he deserved something for helping him and then he groped my breast. I was so scared. I had enough strength to push him off and I quit as soon as I could,” Farryn confides in her. Y/N gently strokes her hair and tells her that she is going to be okay. Y/N wipes her tears away, “We are going to do whatever we can to find that man and get him to pay for what.” Farryn nods her head and cleans up her makeup, “I don’t know why that came out right now. I just needed to let it out.” Y/N helps Farryn clean herself up and the girls make their way out of the bathroom. “I totally understand. You don’t need to explain that to me. Now, let’s go have some fun.” Farryn gives her a smile and they both go their separate ways, but the events in the bathroom did not go forgotten by Y/N.

Y/N found herself at the snack bar as she watches the boys talk to the guest. She had just bit into a dumpling and a little bit of juice leaked down her chin. Someone from beside her hands her a napkin, “Thank you.” “The dumplings are really good. Have you had the chance to try the meatballs, they’re also delicious,” the person informs her and she looks up to see a handsome blond man with the clearest blue eyes smiling down to her. “No, I haven’t, but I am definitely going to need to try them now then. I don’t believe we’ve met. I am Y/N,” she introduces herself to the handsome young man. He gives her a warm smile and shakes her outstretched hand, “I know, I mean, I was here for the announcement of the Supporter Organisation. I am Jack Williams, Councilman Daniel and Cindy’s Williams son. Y/N knows that Councilman Daniel is one of the Councilmembers on Dominic’s council. Daniel and Cindy were a lovely couple, but she had only met them once. “Would you like to go somewhere quieter?” he asks politely as he extends his arm out to her. Y/N smiles and hooks her hands with his, “I would love that.”

They had retreated to one of the sittings room near the ballroom area with a big piano in the middle of the room. Y/N sits on the piano bench and plays around with the keys like a child does when they see a piano. Jack sits next to her and takes something out of his pocket to places it on top of the piano. She sees that it was a napkin full of some of the hors d’oeuvres; she lets out a quiet giggle and takes a meatball into her mouth. Jack smiles at her and does the same with a dumpling before brushing off his hands to start playing a beautiful melody. “You are really good at playing,” Y/N complements. Jack continues to play for her, “I went to classes every week as a kid.” “Was it because you wanted to go or because your parents forced you to go?” she questions as she stares at him in amazement. “We have a piano in the living room and as I kid I would love to sit down on the bench and pretend to play. My parents saw that I loved it and put me in classes. Turns out, I am pretty good at it, so I kept learning,” he explains to her. “Well that sounds nice, I could never play an instrument because I couldn’t keep a rhythm and that frustrated the music teachers so much. It was funny,” Y/N giggles at the several different music teachers she had. They continued to talk for a while and Jack even tried to teach her how to play, but he was ultimately defeated when she couldn’t keep the beat.

Tom went looking for Y/N who he had noticed had not yet come to dinner. He walks pass one of the sitting rooms near the ballroom when he heard laughing and a piano being played. He enters the room to see Y/N sitting very close to Jack on a piano bench with a huge smile on her face. Tom felt jealousy overcome him with how close they were and he immediately made his presence known. “Hey, sorry to interrupt, but you didn’t come to dinner and I was worried,” Tom tells her. Y/N smiles at him and tells him that she’ll be there in a second. Tom left the room but could help himself not eavesdrop on their conversation. “Well, I guess that’s our cue to head back to the party. Thank you for trying to teach me how to play the piano, I know I can be difficult, “Y/N says as they both stand up and make their way towards the door. Jack chuckles and puts his arms around her shoulder, “You definitely have no musical talent, but that’s okay because you’re really funny. We should do this again sometime.” Tom could hear the hope in Jack’s voice and he found that pathetic. However, his heart dropped when he heard what she had to say after that, “That would be absolutely lovely. I’ll give you my number before you leave just come find me after dinner and maybe I’ll give you a dance.” Tom can hear that they had arrived at the door and immediately heads back to his table. “I am sorry I am late. I just lost track of time,” she explains to everyone as she cuts into her steak. Tom looks over to where Jack was sitting with his family and imagined daggers through his skull. He wanted to ask Y/N what she was doing with him, but he knew that it would look weird if he questioned her about something so little.

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iceartweek · 6 years ago

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Final Ice Art Day

Before I get into it, just thank you for being here. Whether you’ve read the mediocre fics I wrote, or contributed art or fic that genuinely I loved and was amazing, or whatever you did, thanks. I know it’s just a trial and wasn’t super huge but I had fun, so thanks for letting me. If anyone still had things I’d love to see it, but even if there isn’t this blog will remain open.

Anyway. Final Day. Future

Marinette stood on her balcony practically bouncing where she was. The sun was going to set soon and the fairy lights that she had lined the park with were lighting up. The ones on Luka’s boat would also light up when everything was ready. In some ways the fact it had got trapped when her miraculous ladybugs fixed the bridge destroyed the akuma was sort of sad especially as Anarka had lost hope years ago of getting it moved, but on the other hand it had meant she had spent her senior years waking up to Luka’s serenades and him always just a moment away. Now she could just see Luka and Kagami in the greenhouse adjusting their outfits and triple checking everything. Her musical prince who had slowly taken over the world with his ballads and volunteering much time to Music Fund. Then her now long haired princess who after nearly making it to the Olympics decided she could do good in the UN as she wasn’t afraid of standing up for what she believed in and after Hawky’s defeat felt weird not helping others. Sure she wasn’t a full fledged diplomat yet but she was on her way. From the small glimpses she saw they looked perfect.

“Are you ready, my love?” Felix asked, Marinette turning to see him extending a hand and looking suave. Even ten years later and he was making her catch her breath every time she saw him. For a while he had helped with his father’s business but focused more on the work than life part, often taking on too much due to a fear of delegation. Eventually they had all convinced him to calm down a bit because between the four of them anything was possible so he might as well follow his dreams. While he figured out exactly what he wanted - lawyer, politician, and air host were currently at the top of the list - he had opened up a quaint little book shop. Marinette already knew how it would end though. He had helped out at the bakery one too many times and with her parents retiring in the next five years he’d likely take over. Tom was convincing.

“If you think so?” Marinette responded doing a quick twirl in her dress. The hat from way back had served her well in being noticed, especially when she became the girl to refuse Audrey Bourgeois. With Jagged also backing her and personal drive she had started her own label. For a while she dabbled in esports but that turned out to be a flop, and baking was a hobby and not something she wanted to do full time. Fashion just always was there for her and seeing people comfortable in things she made was inspiring to say the least. Especially when it was her loves who could wear a paper bag and still look great.

“You always look stunning,” Complimented Felix, planting a soft kiss on her lips, fingers playing with the tips of her short hair before going down her arm to grab her hand. “Handsome even.”

“Thank you,” Smiled Marinette feeling the blush comeback.

As she walked down the steps she considered a bit of what happened in the past ten years from simple high school dramas to Hawkmoth’s defeat. Just how had her pack managed to survive that? It was a miracle. Even Alya and Nino had broken up for about half of that before finding each other again, and Rose and Juleka who had been the perfect couple had split. And they had been perfect. That being said Rose and her new girl Violet a travelling tour guide in south east Asia were just beyond adorable together, shame neither of them could make it. Juleka with Clara was also a surprisingly good fit.

“If you forgot the rings-” Marinette warned coming back to reality hugging Felix’s arm a little tighter.

“I have them. Your design with Luka’s touches and using Kagami’s old rapier and with the glimmer of Agreste jewels. How could I possibly lose them?” Felix retorted patting his pocket. Originally they had planned to just swap rings. Luka would give the black one he always wore to Kagami, Kagami would give her family ring to Felix, Felix would give his mother’s engagement ring to Marinette, and she would give a family heirloom ring to Luka, but it just hadn’t seemed special enough. “You worry too much.”

“Marinette!” Squealed Sabrina at the bottom of the stairs. Their ceremony organiser because after so long of carrying Chloe it was realised she had a very keen sense of style and amazing time management skills. Wedding, funerals, birthdays, or love dedications like the one today and she was the go to gal. Once she had called Chloe out and set boundaries she had changed a lot, from meek and timid to firm and do not cross her. “You look gorgeous. Everyone is here and waiting!”

“Thanks, Brina,” Marinette gave the girl a quick hug and kiss cheek. “Does that include-”

“We’re not a thing,” Snapped back Sabrina.

“Really?” Felix questioned genuinely surprised. “Could have sworn you were unless we’re talking about someone different.”

“Chloe and I were never a thing. Just friends,” Sabrina corrected clicking her pen a few times. “It’s what she wanted.”

“We better go before Jagged starts doing a rock cover of here comes the bride,” Marinette hurried just wanting to leave the awkward situation. From the limit gossip she knew, when Chloe had tried to be a better person Sabrina had always been by her side, always being ditched for the first hotel heir or prince to walk into view. Everyone blamed Audrey indocrinating Chloe into money and style is everything and everyone is below you, but after a certain age it got old. Sabrina and Chloe were still friends and Chloe was a much nicer person, but somethings were just never outgrown.

“Good call,” Felix agreed holding the door open for Marinette. They turned into the park, sun very very close to being perfect. Gina and Rolland off in one corner having a hushed argument which everyone could probably guess what was being said. Sabine trying to get Tom to stop crying on his daughters’ day. Tomoe, Anarka, and Felix’s parents drinking champagne, Anarka already laughing a bit too hard.

“So I can officially retire as your knight now? Contracts signed and they can’t back out anymore?” Adrien joked standing next to the door. Even as an adult he was model material, despite no cameras being on him anymore.

“I thought you were going to be in Nice!” Marinette exclaimed in surprise, before giving him a tight hug. “Something about Nathalie or family assets?”

“And miss my bugaboo’s big day?” Laughed Adrien hugging her back. When they stepped back he shook Felix’s hand but it was clear even after everything they hadn’t become super close. “As your original crime fighting partner it is my duty to make sure you are not harmed and nothing ruins this day. I’ve already stolen Plagg back from Fu so will cataclysm anyone who has cold feet or any girl wearing white. Give me the signal and the claws will come out.”

“But you’re ok?” Marinette thought back on his face when Gabriel had been defeated and Emilie’s body had been found. Even now they were searching for Emilie who had taken the two miraculouses and fled, somehow managing to escape them. Until she was caught, Adrien couldn’t have peace. He had trusted Nathalie and she had abandoned him and the threat of Hawkmoth, or a version of him, was forever looming. Sure, Adrien was coping but having the tip Nathalie was close by couldn’t be easy.

For a moment she remembered the reveals and all the rejections. So much heartbreak and drama that at the time seemed world ending. He managed to handle it all with grace though. Just disappearing for a few days after the reveal, before coming back with smiles and jokes, calling Marinette cousin, threatening her royal court that if they ever hurt her they would be dead. He had also threatened Marinette if she ever hurt Kagami but it was a weak attempt. From there they had gone back to friends which seemed perfect. They were still there for each other whether it be late night ice-cream sessions dishing out relationship advice or supporting him when the truth about his family came out. They really were better as friends.

“Always,” Smiled Adrien. “Trust me, I have the purr-fect cat-itude and your day will be pawsome.”

“Urgh, still? One day you have to stop the puns,” Marinette warned.

“Auntie Mari!” Screeched a kid colliding into Marinette, her arms wrapping around Marinette’s legs nearly making her fall over. Felix put a hand on her back to steady her.

“Watch it, you don’t want to ruin her dress. Hi Felix and Marinette,” Greeted a blonde chasing after the child and pulling her away. After quick cheek kisses, she stood beside Adrien holding the little troublemaker. The perfect little family. A little over five years ago Adrien had been in a tv studio giving some interview about stepping away from the Gabriel brand when he had run into Paris’ favourite weather girl Aurore. After quick polite chit chat about mutual friends or how crazy highschool with all the akumas was, they realised it hadn’t been chit chat but a two hour conversation. The conversation then turned into current events, and by the end of the month they had been dating. Wedding eighteen months after that which had been beyond stunning - partially thanks to Marinette’s designing the outfits for the whole wedding party and the bakery doing the most exquisite cake - and child ten months later. Marinette had met Emilie a few times and even at such a young age it was obvious she was going to have Adrien’s kindness, Aurore’s determination, and both of their beauty. “Sorry about Em. First wedding.”

“Love dedication,” Corrected Felix, glancing down at his watch. “Legally-”

“Don’t get him started. Please, please, don’t,” Laughed Marinette trying to silence Felix. “We better get started though. Talk to you later.”

Marinette and Felix walked into the park, all conversation falling short as eyes fell on them. Later that night they would listen to Alix joke about how love was dumb before comments on how no matter how many times she bunny hops the four of them would always be the best example of love, adorable, beautiful love which nearly made her want it. They would talk to Alya and Nino who would gush about their current jobs in America, Alya’s latest expose on why not all charities are good, and Nino struggling so hard to not reveal the twist in his movie before spoiling the whole movie. They’d laugh with Jagged and Penny as they told stories about their biography or latest up and comer they were mentoring, Luka still after ten years being flustered when speaking to his idol. Mylene and Ivan still going strong ten years later. Nathaniel and Marc kissing on the dancefloor, and later talking about their latest comic idea or how their old comic was about to hit the big screen, with pleas and begging Luka, Felix, Kagami, and Marinette to play themselves. Chloe would come late, leave early, and say it was ridiculous the latest scandal. Max would talk about his latest game while Kim talked about the olympics. Bustier, Mendeliev, and Damocles would make sappy comments about how they wish they had students like this now, before ranting about their current students. They would meet with Fu in the bakery, him decked out in all the miraculouses so that the kwamis could see their chosen’s perfect day, all crying and smiling. Sure, there were times miraculouses were still worn by the heroes but those times were getting rarer. Plagg would be there too asking Tikki if she wanted to try it out to see what all the fuss was about.

But that was all later in the night. For now, Marinette and Felix stood at one end of the park under an arch, sunset painting the sky pink and orange. Jagged was playing a classic wedding march, Penny having a hand on his shoulder to stop him getting too out of control, Adrien accompanying him on piano. They turned to see Kagami and Luka walk into the park, the most beautiful sight Marinette had ever seen. Marinette wanted to tell them to walk faster, so they wouldn’t be so far away and she could pledge her undying love. Sure, legally it all meant very little, but she just needed to the world to know how much she loved them. Felix squeezed her hand, and she turned to look at him, tears in his eyes that were filled with love as he watched their sweethearts walk down the aisle.

They each took turns saying their vowels. Hurried, messy vowels, full of classic babblenette moments, as they just could barely wait another moment not being married (or closest they would get to married legally). They just wanted to start their lives officially together. They just hated having to wait. They’re happy ending was insight. And maybe life loved to challenge them, make ant hills seem like mountains, but nothing could stop how miraculous their worlds had become. Just two words left to capture everything they felt: I do

(credit to @autumnlover13moni8 for the final line)

#Ice Art Week #Thank you

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lilliththegreat · 2 years ago

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I thought about N :)

What else I did 🤔

I did receive some amount from one of my schoolmates.

He even called me in the evening and explained how this chit fund works which is what I am trying.

That means I collect a lump sum amount of money as a part like 5000 each from ten or twelve people and keep that for me for the first month.

Then every month through auction one of the members in that will get the collected amount.

What I get is nothing other than the first month of full payment.

I have just started learning that.

Collaboration leads me to something favorable.

Anyway, I am planning to use this money for giving to a lawyer.

I will think and do.

This time I should see the big picture and make moves.

Of course, take the risk as well :)

I have to do my dark routines properly.

That I feel is the foundation and given first preference.

Realization comes in many ways, from the way, people treat me, to observing mostly.

I need to sleep now.

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thecrookedgavel · 4 years ago

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The Crooked Gavel - Ep2 Transcript

Here is the transcript for Episode 2 of the queer audio drama - The Crooked Gavel.

Audio of the episodes can be found here

Credits Voice: You are listening to episode 2 of The Crooked Gavel: A 1920’s tale of court drama and lesbian romance, produced by Crooked Gavel Productions. This episode contains arguing and discussion of sexual assault, please look after yourself while listening.

*Knocking on open door*

Alice: Hello? I do hope I have the right office.

Matt: Yes, hello, Alice. We’ve met once before, but I’m sure you’re more familiar with my aunt, Lillian Paprika.

Alice: Oh, yes, I remember you. You really liked the muffins we served at the Crooked Gavel.

Matt: *Laughs nervously* Yes. My aunt’s been pretty upset ever since you quit your job there a week ago.

Alice: It couldn’t be avoided, I’m afraid.

Matt: Right, right. So I’ve asked to see you here today because I’ve been assigned by the state to be the prosecutor of the Cayenne case. I attended his preliminary hearing yesterday, since the day before, you accused John Cayenne of assaulting you. Just between you and me, that’s not true, is it?

Alice: Why It’s true indeed. Assault is the only word to describe what he’s done to me.

Matt: Ah, I see then. In my professional opinion, you should just drop the charges. It’ll be hard to prove he’s guilty of assault, especially second degree assault. Court is a real stressful ordeal, believe you me. It’s not something a lady with your gentle disposition would enjoy in the slightest

Alice: Huh! No, I’m not dropping the charges, and I’m not out to enjoy myself either! I’m seeing this trial through to the end, no matter how frail you think I am.

Matt: Well I can’t say I can believe such an esteemed fella could ever do something so heinous. So I’m afraid my heart wouldn't really be in it? Yeah, yeah. I would definitely recommend you finding a new lawyer to prosecute this case.

Alice: What are you saying Mr Paprika? You don’t trust me? I’m sure your aunt Lillian only had kind things to say about me, and we were well met the last I saw you. What reason do you have not to trust me?

Matt: Please don’t take it personally, Alice. I’m just saying that another lawyer might suit you better. It can be anyone, really. Though preferably not someone from the courthouse.

Alice: Level with me, Matthew. Tell me what’s really going on. We can figure things out while that old sap is stuck in jail.

Matt: Actually, he was released on bail right after the hearing.

Alice: What? How is it that a man like that is free to come and go as he pleases? What if he tries to put his dirty paws on me again?

Matt: I don’t know what you’re talking about, Alice. Mr Cayenne is a wonderful and charming fella, and he’s very close friends with everyone here in the courthouse.

Alice: Then why are you smiling like that? Is something the matter?

Matt: I don’t know what you mean? *laughs nervously* Everything’s fine! Everything’s Jake!

Alice: No, everything’s NOT Jake. What’s the matter with you? If you’re supposed to be on my side, then you better start acting like it!

Matt: Listen to me, I am on your side, alright? Might be the only one too. Everyone thinks that he’s such a wonderful fella, but there are things you don’t know about Cayenne, things you wouldn’t believe.

Alice: I’m the one charging him with assault. Try me

Matt: He has the other two prosecutors that could have been assigned to this case under his thumb. He’s paid them off using funds from God knows where. I know because he bragged to me about it. Earlier this week, he approached me, and offered me a lot of dough for me to lose this case, if I happened to get it.

Alice: And I guess you didn’t take the bribe.

Matt: No! Of course not. I want my career to be legitimate. And my conscience to be clear. But… He threatened me instead. Said if I prosecuted the case myself, or spoke up about any of this, he’d make my career a living hell. At first, I didn’t take him seriously, and I attended the preliminary hearing, with even more conviction than I would any other case. But the look he gave me when I not only stood by the charges, but upped them to a felony… My whole life flashed before my eyes, Alice. I knew for sure what kind of man he is. He was ready for you, even before you decided to press charges.

Alice: So that’s why you want me to get another lawyer to act on your behalf. If you handed off the case then…

Matt: You’d lose for sure. BUT, if you can find someone outside of Cayenne’s sphere of influence, then you actually stand a chance against him. I’ll prepare all the paperwork for you, and I’ll even pay his fee, promise.

Alice: Alright, I’ll play your game, Matthew. I’ll find another lawyer to replace you. But, you owe me one for this.

Matt: Of course, of course. I definitely owe you one, Alice. Look, I’m really sorry to have to put you through this, but my family relies on my paycheque. My Aunt Lillian is retired, you know. Doesn’t have much in the way of savings either. I’m sure you understand why I can’t make waves.

Alice: Oh, yes, I see. Well together, I hope we can put Cayenne in prison, and solve both our problems. We’ll be in touch. Farewell until then

Matt: I’ll see you then. And Alice? Thanks

---

Alice: Cumin Law Office. Well, this certainly seems like the place. Maybe she’ll finally be able to give me the help I need.

*Knocking on closed door*

*Door opening*

Margaret: Hello, how are you? I’m Margaret Cumin. How can I help you today?

Alice: How do you do, Mrs Cumin? I’m Alice Cinnamon, we talked over the phone yesterday.

Margaret: Oh yeah, I remember you. You’re the one that had that rather nasty incident 3 weeks ago.

Alice: Yes, the one involving John Cayenne. And to be honest, I’ve been having rotten luck finding a lawyer who’s willing to help me. Now, I understand that the case may seem a little one-sided, but I swear I’m being honest, and...

Margaret: Oh, don’t worry about all that, Alice my dear. I’ll help you in any way I can.

Alice: You will? Aww, thank you so much! I just know that with you as my lawyer, we’ll be able to take down that upstage judge, and show everyone in Brooklyn his true colors!

Margaret: Lawyer? Me? There’s been some sort of mistake. I’m no lawyer! Well, not technically, anyways. It’s my husband, Max Cumin, who’s the lawyer at Cumin Law Offices. I’m just his assistant. It’s still up to him if he wants to represent you.

Alice: What? But I thought you said you were going to help me!

Margaret: Of course I will. I'll assist you in any way I can. I can make an appointment for you, provide some snacks, show you my husband’s desk. *chuckles* I do swear I am good at those things. And more, if you can believe it

Alice: Phooey! Now what am I supposed to do?

Margaret: Aww, chin up, doll. You haven’t even met my husband yet. I’m just sure he’ll take your case. He’s a kind-spirited man, with a strong sense of justice. Here, come inside and meet him.

Alice: Thank you for providing me a bit of comfort, I’m feeling somewhat hopeful again

Margaret: Just this way.

---

Margaret: Hey, Max. I got your 2 o’clock here. It’s miss Alice Cinnamon, and if it isn’t the funniest thing, she thought I was the lawyer of the office, since I -

Max: Damn it, Margaret. You’ve got to stop being unclear on the phone and playing at being a lawyer. You’re my secretary, and that’s that.

Margaret: Max, I wasn’t playing at anything. It was an honest mistake, what with our last names being the same. And besides, I could be a lawyer if I wanted to.

Max: Baby, we’ve been over this. Can we talk about this later, and not in front of our guest?

Margaret: You always say that, but we never do. You know we have the money to send me to school, and then some. You know how persuasive I am, I’d make a fine lawyer.

Max: Margaret, the business is just too competitive for someone of your gentle disposition to handle.

Margaret: I could handle it…

Max: And what if you failed at it? We’d never get all that wasted money back

Margaret: I know but….

Max: And just who do you think will raise our children when we intend to have them?

Margaret: Maxie, I uh… Yeah, you’re right. I know you’re right. I’m such a naive, stupid little girl to think that I could be a professional lawyer like you.

Max: Aww, honey, I’m sorry baby. You know I love you.

Margaret: I love you too, Maxie

Max: Now be a good girl and go clean the front entrance while I chat with our rather shocked-looking guest.

----

Alice: Who me? I was just… Oh never mind me, I didn’t mean to overhear that.

Max: No need to be embarrassed, my dear miss. Just idle chit-chat between husband and wife. You’ll understand when you find a husband yourself.

Alice: I’d much rather talk business than about my marital status.

Max: Indeed you would, Miss Cinnamon. No need in telling why you’re here. You’re on a little bit of a quest for Matt Paprika to find another lawyer to act on his behalf. Speaking of, you’ve met the fella, does he not seem a bit funny to you?

Alice: I’m quite sure I have no idea what you’re talking about, Mr Cumin. I think it’s much more “funny” that you know about the agreement in the first place.

Max: Oh, I make sure to have all my research done before a prospective client walks into my office. As I was saying, you’ve been quite unlucky these past few weeks. All five of the lawyers you’ve asked have flat out refused to help you. They all had their reasons, but most importantly of all - they didn’t believe you. And with good reason too. You’ve made quite the splash in the legal community. Made quite the powerful enemy.

Alice: I’m well aware of how powerful Mr. Cayenne is

Max: Not John Cayenne, I mean Brooklyn herself. See, you mess with a man of such clout as Cayenne and you make yourself an enemy of every man, woman, and child in the city.

Alice: I’m not sure I follow your logic

Max: Have you ever heard of the John Cayenne Fund? It’s a charity fund that takes money from reformed criminals and gives it to underprivileged children and their families in Brooklyn.

Alice: I just don’t understand. A big cheese like that just stinks of being born rich. What does he care about being charitable?

Max: Quite the opposite, I’m afraid. John was born to a rather poor family. He started out with nothing, and yet he’s achieved so much; a true underdog. I think you might be starting to see what sort of hopeless situation you’ve stuck yourself in.

Alice: So you’re saying you won’t help me.

Max: *chuckles* I never said that. See, unlike all those other lawyers, I actually believe you. And I’m very capable. No one is too powerful for me to take down in a court of law. You see, I’m a nice guy. Juries tend to like me.

Alice: Oh, that’s wonderful news! So that means you’ll fight for me?

Max: I said I could, not that that I would. See, John is a good friend of mine. We talk all the time. Now, where would I hear such wonderful stories if he was locked away in a prison cell? That, my dear, represents a conflict of interest for me. Unless… you pay me one thousand dollars, and my confliction *snaps* goes away.

Alice: You can talk to Mr. Paprika about your fee

Max: Like I said, I’m well aware of your deal with Paprika. I’m talking one grand, under the table. Then I’ll happily get jail time for Cayenne

Alice: But, that’s much more than the entirety of my savings. The only way I could pay that would be if…

Max: If you asked your father, Nathaniel Cinnamon, to pay it for you. You know, I think there’s a lot of scratch in that little private school he runs. Wouldn’t be very hard for him to give you a loan. I doubt he’d even make you pay it back.

Alice: No deal! Now, I’m not above asking my father for financial help, but to give his money to a louse so willing to extort someone in need, huh. There’s just no way.

Max: Silly girl, think of your other options. You know as well as I do that the other prosecutors are paid off, and I’ve already established why no one else is taking your case. This is not the time for pride

Alice: But it is a time for integrity, Mr Cumin, something you wouldn't know a lick about. If no one in Brooklyn will help me, then…. then I’ll just have to prosecute that bastard myself.

Max: *Hearty laugh* Alice, you slay me. You don’t know the first thing about being a lawyer. Please, once you’ve come to your senses, and have properly considered my offer… You know where my office is.

Alice: I wouldn’t hold my breath if I were you. This is goodbye, Mr. Cumin. I do hope this is the last I see of you.

Max: Mhh, well then…

---

*Door closing*

Alice: Boy, I am I glad to be out of that stuffy office and away from that viper

*Door opening*

Margaret: Wait, Alice! You forgot your hat. It would be a shame if you left it behind, it goes so well with the rest of your outfit

Alice: Oh, thank you Mrs Cumin. I am truly sorry I had to overhear that spat between you and your husband. But… he was not at all like you described. He was rather full of himself, and somewhat of a showoff. And sense of justice? Hah! More like sense of entitlement. That - fella - asked me to pay him extra money under the table, like a common criminal

Margaret: Ohhh, I’m sorry about all that. Max just gets excitable when a high-profile case rolls across his desk. As for the dough, he’s just thinking of sending our children to college. You know, the ones we will intend to have...

Alice: He also tried to intimidate me with personal information he found God-knows-how. The nerve!

Margaret: Well, I’m not exactly God, but I do know how he got that information. Let’s just say, I’m a bit of an investigator in my own right.

Alice: You were the one who researched me?

Margaret: I did say I had other skills, right? But never mind that, I want to help you.

Alice: I’m not exactly in the mood for snacks, but thanks

Margaret: No, no. I mean I want to help - as your lawyer.

Alice: But I thought you said you were not a lawyer. And your… “conversation” with Max confirmed it.

Margaret: I know I’m not, but I could be. Please hear me out, Alice. I’ve been studying real hard these past few years, reading all of Max’s books when he’s not around. You already know I’m a regular investigator. And I’ve gone to plenty of trials, so I know my way around a courtroom. Actually, sometimes even Max gets details wrong, and I know better. But I also know better than to correct him.

Alice: Just where are you going with this, exactly?

Margaret: I’m saying, I could act as your prosecutor in court. You can have someone who trusts you to help take down that nasty judge, and I can prove to Max that I do have what it takes to be a lawyer. We both get what we want out of this deal.

Alice: I really don’t know about all this, I - Wait, you trust me?

Margaret: Sure, I believe you. I can see it in your face that you’re being honest. Plus Maxie believes you, whatever that’s worth to you.

Alice: There’s a lot of details here that need filling in. Can I have some time to think it over?

Margaret: Sure, but I gotta get back to Maxie, or he’s going to start calling for me. Can we meet again in three days?

Alice: Well, yes. We can meet at my apartment. It’s… Well, I guess you already know it, given how you looked me up, and all.

Margaret: *chuckles* Sorry again about that. Just doing my job. I’ll see you around noon. Ciao

Alice: See you then!

*Door closes*

---

*Knocking on door*

Alice: Yes? Please come in

*Door opens*

Margaret: Hello, Alice. It’s so good to see you again!

Alice: Yes, it is indeed.

*Door closes*

Alice: And how is your husband?

Margaret: *laughs* That’s awfully polite of you to ask, but I know you’re not too fond of him.

Alice: With very good reason, I do believe. The way he talked to me - and to you for that matter - was downright revolting. I don’t mean to be nosy, but it just doesn’t seem fair of him to stop you from being a lawyer, if that’s what you want out of life.

Margaret: Aww, he’s just trying to protect me, that’s all. He’s really sweet, in his own way.

Alice: I’m not entirely sure you’re in need of protecting. You seem entirely capable of making your own decisions

Margaret: *Chuckles* I think you may be right about that, and that’s what we’re going to show him. Now I should probably go ahead and fill you in on the rest of the plan, as promised

Alice: Oh, yes. I’ve been wondering about that for three days straight.

---

Margaret: Here, I want you to look at these documents, and tell me what you see.

Alice: Alright then. Well, they seem to talk about an Elizabeth Ginger and… It says here that she graduated from Harvard Law, and here that she passed the bar exam in New York. But just who is this Elizabeth?

Margaret: It’s me, silly. You don’t think I could just walk into court as Margaret Cumin without people knowing who I was, do you? Elizabeth Ginger is my pseudonym. And I copied these documents in her name using the Real McCoy Max uses.

Alice: I must say, well done. I had no idea that these were fakes. But speaking of Max, won’t he notice your absence around the office while you’re busy prosecuting at the courthouse?

Margaret: I have all that figured out too. Max is going away for a week in ten days; a get-together with his Harvard friends out of town. Now, here’s my gambit: I’m going to suggest a court appearance on the day he leaves, and a few others months away. Now tell me, does Cayenne strike you as the patient sort?

Alice: Not at all. I see, wanting to be quick about “clearing his good name”, he’s more likely to choose the sooner date than the later ones.

Margaret: Now you’re on the trolley! And with my husband out of town, I’m free to appear at the courthouse without worrying that I’ll bump into him. And I’ll be looking quite different when the day comes, believe you me, so we don’t have to worry about anyone else recognizing me, especially not that prune pit Cayenne.

Alice: I’m not looking forward to seeing that Cayenne again… Why, the thought of it gives me the shivers. If I had just held my tongue, maybe all this wouldn’t have happened to me in the first place.

Margaret: Alice, you can’t beat yourself up like that. What happened back at the Crooked Gavel was not your fault

Alice: Still, I probably shouldn’t have told him he has a face like he just bit into a lemon.

*both laugh heartily*

Margaret: He does! He does! Ain’t that the truth?

---

Margaret: Anyway, on a bit of a lighter note, I’m curious; what was it like growing up in that private school your father runs?

Alice: Now, why should I need to tell you about all of that? Can’t you just look it up for yourself?

Margaret: Well, to be honest, I feel a little rotten that I found out all that about you without even asking first. This time around, I’d like to have earned it.

Alice: Oh, That’s appreciated. Thank you, Margaret. To be honest, I’m rather impressed as to what you were able to find out about me. I’m willing to share a bit more to fill in the gaps. Way back when when I was still a young adult, my daddy wasn’t headmaster quite yet. He was still a teacher. And I didn’t go to the school, as much as I did live in it. It was an all boys school, you see, so I wasn’t allowed to attend the classes. Nevertheless, my parents gave me a proper education in their spare time, like my mother received from her father. Daddy was always proud of my aptitude in my studies. You know, he’s still proud of me to this day. I got a letter back from him recently saying he believes in my pursuit of justice against Cayenne, just like I knew he would.

Margaret: That’s wonderful to hear, Alice. My father’s proud of me too. Except… it’s not for my own accomplishments, but for marrying rich. I don’t take it personally or anything, he just wishes me well. He wants that I’ll want for nothing. But, someday soon, I’m going to make him proud, in my own right! *Sigh* I have such fond memories of him back in Jersey learning to play catch, going to see the minor league baseball games together, and even going out to Philadelphia to see the Phillies once when I was older.

Alice: Wait, YOU like baseball?

Margaret: Yeah, of course I do. I grew up on the stuff. What made you think I didn’t?

Alice: Well, it’s just that… I mean, you’re a woman, and I haven’t met a woman who earnestly enjoys sports before.

Margaret: Oh yeah? Well, never say never. It’s not like I’m the only one either. There were two other girls on my neighbourhood team growing up, Anna and Jean, and neither one of them were too afraid of a scraped knee.

Alice: You really are full of surprises, Margaret, I’ll give you that. I don’t think I’ve found myself this impressed by someone in a long time.

Margaret: Aww, I can’t believe you’d say that when you’re the one going up against John Cayenne in court. Talk about being a bearcat. *growl*

---

Alice: Bearcat? I’m sorry, but I can’t agree with you there. I’ve been nothing but a wreck these past few weeks, a regular mess. It took me almost a whole week to decide on pressing charges, and even then, I almost didn’t. I was all balled up the whole time, I couldn’t make heads or tails of myself. Some days I couldn’t eat, and others I couldn’t sleep. At first, I couldn’t do either one.

Margaret: I’m still impressed you pressed charges at all. It’s… not an easy thing to do. How you felt after the assault doesn’t define you, Alice. Only you can define you, you know what I mean?

Alice: Yes… I think I do. Thank you. You’ve been very reassuring.

Margaret: Aw, don’t worry about it. Now, I have a document here for you to sign that’ll allow me to act in Matthew's stead. But before you do, there’s… one other thing I need you to look at. Here.

Alice: Patricia Lemongrass, Barbara Sage, and Evelyn Caraway. And descriptions of... Is this what I think it is?

Margaret: It’s worse than we imagined, Alice. I did some digging, and I came across some rumours. Three names of girls Cayenne has allegedly assaulted, like he did to you. Now, it’s all inadmissible -not usable in court - since none of the girls are willing to testify, but it paints a rather grim picture of what we’re up against. I won’t blame you if it’s too much for you to handle, there’s still time to -

Alice: To what? Drop the charges? Never. If I’m not the first this man has violated, the I won’t be the last either. I can’t just sit around while this monster is allowed to roam free. Margaret, I’ve decided. We’ll go with your plan, and we will fight together. Not just for me, but for the other three girls who can’t yet fight for themselves.

Margaret: And how! Bravo, like I said, a regular bearcat!

Alice: Th-thank you. I’ll sign wherever you need me to.

Margaret: Very well. So, here… here… annnnnd here. Perfect

Alice: There’s only one question that remains. Cash or cheque?

Margaret: Oh, Alice. I’d prefer to keep our relationship purely business, for the time being.

Alice: What I meant to say was -

Margaret: I know what you meant. And I would prefer not to be paid at all. I don’t have a bank account of my own, so my true identity would be pretty obvious, don’t you think? It’s just easier this way.

Alice: So you’re willing to go through all of this… for free? But why? There are easier cases you could use to prove your mettle.

Margaret: I just want to do the right thing, you know? Even if it’s hard

Alice: You might be the only person in Brooklyn, lawyer or not, that shares that sentiment with me. I just want to say how much I appreciate that.

Margaret: That’s very touching, Alice. Thank you. I need to go, however. Max thinks I’m at the library picking up some books for him. I got to go do that before he gets suspicious.

Alice: Oh right. Your husband...

Margaret: Next time we see each other, I’ll be prepping you as a witness. And then after that, it’ll be time for the trial. Isn’t that exciting?

Alice: Yes, I suppose it is. But… are you sure you want to go through with all of this? I mean, if you’re caught, you might end up in jail... on my account, no less.

Margaret: Don’t you worry about me. As you said earlier, I’m entirely capable of making my own decisions

Alice: You got me there, but I’m afraid that won’t stop me from worrying about you. Good afternoon, Margaret.

*Door opens*

Margaret: See you, Alice

*Door closes*

Credits Voice: Thank you for listening to episode 2 of The Crooked Gavel! Follow us on Twitter @TheCrookedGavel for updates and discussions of this and other queer projects. This episode’s cast in order of appearance:

Katte Noel as Alice Cinnamon

Michael Matarese as Mathew Paprika

Ashleigh Aishwarya as Margaret Cumin

An Capuano as Max Cumin

And An Capuano as the credits voice

Directed by - An Capuano

Produced by - An Capuano

Written by - An Capuano

Copy Editing by - Sharon van Wyngaarden

Casting by - An Capuano

Sound Design by - An Capuano and BA Nemo

Logo Artist - McKenna Pipher

Audio Editing by - An Capuano

Audio Mastering by - An Capuano

Music by - Kevin MacLeod

Music used in this episode is attributed in the description

#Lesbian #Romance #voice acting #drama

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weederstudy06-blog · 6 years ago

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Lessons India Inc can learn from Kochhargate

'Banking is a boring business but still the banker should enjoy it as fancy awards and cozy relationships with politicians, Bollywood stars and corporate honchos cannot save them if the job is not done properly.'

In the concluding part of the series Tamal Bandyopadhyay wonders how long Kochhar would need to wait for her redemption or downfall and atonement.

Part 1: EXPLAINED! How Kochhargate unfolded

Illustration: Dominic Xavier/Rediff.com

Allowing the Srikrishna panel to have as much time as it wants to complete the probe was a masterstroke by the board.

By doing this, it forced Kochhar to put in her papers.

How? India’s banking law does not allow the boss of a bank to abstain from office for four months or more.

Kochhar, who went on her annual leave in June 2018 and later had to stay away for the completion of the probe, had no choice but to quit as the probe took its own time.

It was a sort of bloodless coup which thwarted any ambition harboured by her to come back to the bank as CEO.

A few days before the board sacked her, the Central Bureau of Investigation had filed its first information report alleging criminal conspiracy, cheating and quid pro quo -- ICICI Bank sanctioning Rs 3,250 crore to Dhoot’s group companies and Dhoot, in turn, investing Rs 64 crore in Deepak’s NuPower Renewables Ltd.

Going by the FIR, the bank sanctioned six high-value loans to the Videocon group between June 2009 and October 2011, violating the norms of loan sanction and Kochhar was one of the members of the sanctioning committee.

The FIR also named other senior bankers who were directors on the board of ICICI Bank then, including Kamath, current CEO Sandeep Bakhshi, Sonjoy Chatterjee, K Ramkumar, NS Kannan, Zarin Daruwala, Rajiv Sabharwal and independent director Homi Khusrokhan.

While Kamath is the president of the New Development Bank of BRICS countries, others are prominent names in Indian finance, heading foreign and local banks and non-banking finance companies.

Of course, the CBI will have to probe these allegations - something which the country’s premier investigative agency is not good at, particularly when it comes to the banking sector.

Both Arun Jaitley and Piyush Goyal have come down heavily on CBI’s “investigative adventurism”.

What’s the Kochhar side of the story?

Well, barring issuing a release, expressing her shock, she has been keeping mum.

She has appointed a lawyer to deal with the cases with the market regulator and other agencies but not the bank.

Those who know her well are wondering why would the Videocon group do a favour to Kochhar’s husband as a quid pro quo to get money from the bank when it was getting money from the entire banking industry on a platter?

They also claim that Kochhar all along made the statutory disclosures about her husband’s companies but she did not disclose Videocon’s investments as she was not aware of them.

Finally, they say that a particular corporate house has been after Kochhar’s blood because she has stopped giving it fresh loans and has been hounding it to recover money already lent to it.

How would she recuse herself from the credit committee when she was not aware of her husband’s dealings, they are asking, pointing out that out of the six loans, mentioned in CBI’s FIR, she was involved in sanctioning only two.

Finally, Dhoot’s Rs 64 crore investment in her husband’s company is not gratification for her; it’s an investment by Dhoot which he can liquidate after 2021.

But her bank is not taking these arguments seriously.

For it, Kochhar is a closed chapter.

Even before the Srikrishna report was submitted, the bank wrote to the Securities and Exchange Board of India, requesting it to “decouple” the bank from Kochhar’s case.

For her, it will be a lone battle and the outcome will depend on how Sebi, the CBI, income tax authorities and the Enforcement Directorate move.

Kochhar’s fall from the grace has dealt a blow to the personality cult which the Indian banking sector is known for -- in many cases the CEOs don a larger-than-the-institution persona.

Many saw the seeds of Kochhar’s downfall in November 2014 when Shah Rukh Khan danced at the sangeet ceremony of her daughter’s wedding in a Mumbai hotel.

I don’t know whether he performed there or was a guest like many others, including Amitabh Bachchan, and chose to shake a leg well past midnight but it got wide media publicity which would not have been possible if the Kochhars did not want that.

At the 60th anniversary of the ICICI group in January 2015, she shared the stage with Prime Minister Narendra Modi who graced the occasion to dedicate to the nation the first digital village adopted by the bank -- Akodara in Gujarat.

But when it came to the crux, brushing shoulders with the high and mighty and the penchant for glitz and glamour didn’t come to her aid.

In sync with the feudal style that she adopted after moving to the corner office, Kochhar never had to wait for the lift at the bank’s headquarters as someone would always be there to press the button and hold the lift when her high-end car entered the premises.

She could always say that was a legacy but the rest is not.

We don’t know how long she would need to wait for her redemption or downfall and atonement.

What are the lessons from Kochhargate?

The boards of all private banks are not necessarily efficient and independent. The directors, including the chairman, could be a handmaiden of the CEO. First, rushing to give Kochhar a clean chit and later making a volte-face expose the quality of the board of ICICI Bank.

All along, the Reserve Bank of India has been maintaining a stony silence.

Shouldn’t the banking regulator take a re-look at its perceived “hands off” approach for a systemically important entity such as the ICICI Bank?

Does the larger than life image of a CEO in a company (not necessarily only banks) sow seeds of mis-governance, particularly when the leaders’ tenure is long? Should there be a cap on the tenure of the CEO?

Does this case send a clear message to eminent persons not to defend in public media a high profile professional accused of misconduct without possessing all the facts?

Finally, the recent developments in a few private banks, including ICICI Bank, say that the days of personality cult in Indian banking are over. The bankers should spend more time on bringing down the cost of funds, pushing up the quality of assets and governance. Yes, banking is a boring business but still the banker should enjoy it as fancy awards and cozy relationships with politicians, Bollywood stars and corporate honchos cannot save them if the job is not done properly.

Tamal Bandyopadhyay, a consulting editor with Business Standard, is an author and senior adviser to Jana Small Finance Bank Ltd.

Source: https://www.rediff.com/business/column/lessons-india-inc-can-learn-from-kochhargate/20190222.htm

#read more #see more #check it out #interesting #learn more

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wallcliffslawfirm · 4 years ago

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Our Top Chit Fund Lawyers and Advocates have experience in handling many crucial issues of the depositor’s laws and are devoted to providing pragmatic solutions.

#chit fund lawyers #chit fund #chit fund advocates #best and top chit fund lawyers and advocates #chennai lawyers

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currenttrending1 · 6 years ago

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Saradha chit fund case: Rajeev Kumar moves SC, seek extension of 7-day protecti...

Saradha chit fund case: Rajeev Kumar moves SC, seek extension of 7-day protecti…

Former Kolkata Police Commissioner Rajeev Kumar approached the Supreme Court on Monday seeking an extension of the seven-day period that the apex court had granted him to approach a competent court after his protection from arrest was vacated.

Kumar has cited strike of lawyers in West Bengal as the reason behind seeking an extension of the time period.

The Supreme Court had last week vacated the…

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jacobhinkley · 7 years ago

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Bitcoin [BTC] thieves from India penalized for a scam worth ₹2,000 Crores

Amit Bhardwaj, the scandalous mastermind celebrity of the crypto-world was arrested by the Pune Police earlier this month. Upon his incarceration, he revealed the names of his accomplices, Nikunj Jain and Sahil Baghla. Amit reportedly spear-headed the multi-billion scam worth Rs.2,000 crores ($300 million) that involved over 8000 people. This is the largest Bitcoin scam occurred in India till date.

Mr. Baghla and Mr. Nikunj, the Co-Founders of Darwin labs were accused of assisting Bhardawaj to build platforms such as GBminer which played a necessary role in the execution of the scam. Together they created transaction gateways such as BTC mining pool, GB miner, etc. The scam was executed through a multi-layered network that transmits data globally.

The perpetrator, Bhardawaj offered individuals an opportunity to produce their own coins despite the mining hardware. Clients were a part of an investment plan that would gain them high revenues till 18 months but the consequent month GainBitcoin denied the returns. The company apparently invested the money buying new mining rigs.

Bhardwaj’s and his allies oppose the police claiming, “Cryptocurrency is not illegal, and Chit Fund Act does not apply to this digitalized currency” and supported by his lawyer. Police seized 43.2 Bitcoins worth ₹2 crore and 79.9 Ethereum worth ₹33 lakhs. The recovery is barely 10 percent of the lost sum.

Manoj Katla a Crypto-critic exclaims:

“Cyber Criminals are targeting the cryptocurrency market. They find it easy to disrupt the blockchains and exchange platform. Obviously this not a secure trading platform. Its pretty evident that digitalized currency are a big risks. So people engaging in this are aware of the downfalls.”

Dhruv Melhotra, a Twitterati says:

“What’s the point catching these criminals, like the idiom goes ‘Ab pachtaye ho kya jab chidiya chug gayi khet’- translated from Hindi, “When birds have spoiled the field they have eaten the seeds, nothing remains there, Why to feel sad now.’ These stolen money is circulated around and by the time cops catch the culprits there will no evidence left, or any remanence of the cash”

The post Bitcoin [BTC] thieves from India penalized for a scam worth ₹2,000 Crores appeared first on AMBCrypto.

Bitcoin [BTC] thieves from India penalized for a scam worth ₹2,000 Crores published first on https://medium.com/@smartoptions

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hellofastestnewsfan · 4 years ago

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In her late 20s, Katrina Bilella was beyond proud to become a first-time homeowner in the storied neighborhood of Logan Square, Chicago. So when her human resources job required her to move to Colorado in 2018, she planned to keep her treasured fixer-upper, which she’d poured her blood, sweat and tears into, and rent it out until she could return.

Then the pandemic struck. Citing economic fallout from COVID-19, her Chicago tenants stopped paying full rent in April, and Bilella herself was laid off from her Colorado job in July. Now, she is living with family in New York because she can’t move back into her own home, and she’s paying her mortgage out of her dwindling savings account.

The Trump Administration’s new eviction moratorium, announced Tuesday, isn’t going to help matters. The executive order gives the Centers for Disease Control and Prevention (CDC) authority to bar landlords from evicting most tenants for non-payment of rent through December 31. The new rules, which go into effect as soon as the order is published in the Federal Register, covers tens of millions of renters: anyone who earns $99,000 or less in income, has tried to obtain government benefits to afford their rent, has experienced a loss of income or an increase in medical costs, is using “best efforts” to make partial rent payments, and would be at risk or homelessness or having to move into a shared living space if evicted.

As concerns over mass evictions have mounted in recent weeks, housing experts see the executive order as addressing only part of a complicated problem. It’s an “incomplete solution,” says Solomon Greene, a senior fellow and housing expert at the Urban Institute. One major shortcoming of the new policy is that once it expires in December, the tenants who were on the brink of losing their homes will still be responsible for all the rent that they can’t afford to pay now. “While the moratorium extension is a step in the right direction, it won’t adequately meet the needs of millions of families who are behind on their rent,” Peggy Bailey, vice president of housing policy at the Center on Budget and Policy Priorities, said in a statement.

For landlords like Bilella, it’s bad news. It means she’ll have to continue to pay her mortgage on a property for which she is no longer earning an income, can’t live in, and would be hard-pressed to sell to a new buyer while tenants are squatting in it. She’s also praying the moratorium doesn’t get extended beyond the end of December. At that point, her tenants—whose lease was up in April—would owe her nine months’ worth of rent. She’s already $12,000 in the hole from their missed payments, in addition to the $2,000-plus she’s spent on enlisting a lawyer to walk her through her limited options.

But the new rule isn’t ideal for Bilella’s tenants either. For renters who aren’t able to keep up with current debts, it amounts to nothing more than a band-aid on a wound that really needs stitches. It’s comforting that they now no longer have to worry about eviction for the next few months, but after that, they’ll be required to pay months and months of back rent in lump sums as early as January 1, or risk eviction. They also may be on the hook for late fees on their back rent, which the order explicitly permits.

“If there’s a hunger crisis, we would ask the government to expand food stamps. With a medical crisis, we ask the government to expand Medicaid. But with a housing crisis we’re putting this all on landlords,” says Bilella, now 31. “There’s no government aid for us, and I don’t understand. It feels like we’re being scapegoated, and it’s now my civic duty to provide free housing.”

Critics say Tuesday’s announcement smacks of political expediency just weeks before a major Presidential election: it provides short term relief, but helps neither tenants nor small landlords past the new year. That didn’t stop President Donald Trump from claiming political chits for the CDC order on Tuesday. “I want to make it unmistakably clear,” he announced in a White House press release, “I’m protecting people from evictions.”

The order also poses a host of logistical issues. First, it’s unlikely renters who have struggled to make payments will all of a sudden have enough cash on hand to pay back-rent (plus, possibly, fees) once the moratorium ends. It’s also unlikely that small landlords who are themselves struggling to make ends meet will be able to quickly receive the back rent they urgently need. (Municipal courts will inevitably be backlogged when landlords are eventually able to evict en masse, and evicted tenants can sometimes avoid paying rental debts by moving across state lines, working under-the-table jobs, or filing for bankruptcy.)

Second, to be covered by the moratorium, renters need to file a declaration attesting they fit income and hardship qualifications. This may be difficult for renters who are not aware of the new protection, and those who do not have access to the internet to obtain the form. Greene also expects there may be legal challenges to the CDC’s order, as the statute and regulation it cites have never been applied in the context that the CDC is invoking them. “There is a lot of legal uncertainty here,” he says.

Still, housing advocates and experts say the new eviction moratorium, however imperfect, is a critical first step in protecting Americans’ health six months into a pandemic caused by a virus, in part because it will help prevent an immediate surge in evictions and, subsequently, homelessness. “Evictions in the midst of a pandemic present an enormous public health risk, and one that we cannot afford to take,” says Greene. In July, 32% of U.S. Households did not make full and on-time housing payments for the month, according to a survey by Apartment List. By August, the Aspen Institute estimated between 29-43% of renter households could have been at risk of eviction by the end of the year if not for “robust and swift intervention.”

The move was especially important, Greene adds, as other federal relief efforts have expired. It’s been months since Americans received a stimulus check, expanded unemployment from the CARES Act ran out in July, and swaths of eviction protections issued at the state and local level are no longer in effect or were set to expire soon. A more coherent solution, Greene argues, would be one that also includes rent relief payments that either go directly to landlords on behalf of tenants, or to tenants who would then use the funds to pay their landlords. The CDC order, he says, buys the government time to come up with a solution that includes that.

If the Trump Administration’s executive order was motivated in any part by politics, it may have backfired. By not seeking a more robust solution from the start—and therefore punting the financial burden to landlords while also merely delaying the debts of renters—he may lose some of both come November.

Belinda Melendrez-Flores, a 48-year-old landlord who owns three rental properties in Texas, says she had no intention of voting in November. But now that she’s having a difficult time affording monthly infusions to treat a Lupus diagnosis because some tenants aren’t paying, she says she’s definitely headed to the polls. “I really hate to say this. But right now, I’m really, really mad at Trump. And I’m hoping that before November 3, there’s some sort of relief. If not, I’m most likely gonna vote for [Democratic nominee Joe] Biden.”

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vsplusonline · 5 years ago

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Saradha scam: HC asks govt how it plans to disburse over Rs 138 crore among duped investors

New Post has been published on https://apzweb.com/saradha-scam-hc-asks-govt-how-it-plans-to-disburse-over-rs-138-crore-among-duped-investors/

Saradha scam: HC asks govt how it plans to disburse over Rs 138 crore among duped investors

KOLKATA: The Calcutta High Court directed the West Bengal government on Friday to inform how it plans to disburse an unutilised amount of over Rs 138 crore out of Rs 500 crore earmarked for compensating investors duped in the Saradha chit fund scam.

A division bench, comprising justices Joymalya Bagchi and Suvra Ghosh, observed that it was a declared scheme for compensating the investors, for which the amount of Rs 500 crore was allotted by the state.

The bench directed the state to inform within four weeks, in the form of an affidavit, how it plans to disburse the remaining amount to the affected persons.

The court also asked the state government to place before it a report by the Justice (retd) Shyamal Sen Commission within four weeks.

The bench also directed the CBI, which is investigating the chit fund scams involving various companies including the Saradha Group, to file before it a progress report of the probe.

Subir Dey, an investor in the Saradha Ponzi scheme, petitioned the high court claiming that all of the Rs 500 crore earmarked for compensating the affected persons have not been disbursed.

His lawyer Arindam Das said that as per a reply to an RTI application, the state government has said that Rs 138.95 crore of the Rs 500 crore was not disbursed.

The state government had brought the West Bengal Compensation Scheme for Affected Persons of Saradha Scam, 2013 for giving away Rs 500 crore to the affected persons and had set up the Justice (retd) Shyamal Sen Commission on April 24, 2013, for identifying the victims and disbursing the money to them.

The division bench said that it will hear the matter again after four weeks.

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topicprinter · 5 years ago

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Starts in 2011. I went to a shopping center which had a food court for lunch and as I was walking in I saw a older man at a Kiosk selling a Jewelry cleaner. He dragged me in and he had this whole nifty little sales pitch.I'm a sucker for a good sales person, and he was good. You ever seen videos of that famous potato peeler sales man in NYC? This was the same type of system but with a liquid jewelry cleaner. Anyway I bought a bottle of this stuff and off I went.I took it home to my then girlfriend soon to be wife and showed it to her. She liked it, and it worked really well on her jewelry.A week or so passes I go back for lunch to the area again, same man is there. We chit chat for a bit. He seemed like a nice guy. This repeats the following week, this time he invites himself to lunch with me. We get to talking, he mentions how he has some bills and wants to a bulk sale.At the time I was trying to get my girlfriend to do something productive. Long story short as I feel this might be a long post I bought out his supply for $750. This included the solution, the bottles, the stuff he used, and a sunday of learning how to mix/sell/etc.Lets go to retailI did some thinking and some looking. I didn't really want to sign up for a Kiosk somewhere as I didn't want to commit that hard to this product. We had 3 sizes 100 ml, 250 ml, 500 ml. So we found some flea markets and you just had to pay for the table and setup and sell.So we started doing the flea market scene, and we sold product. We made money, but it was a lot of work for what we made. Also another thing dawned on me.This shit lasted forever. The 500 ml bottle was $14.99 the 250 ml was $9.99 and the 100 mll was $4.99. The issue being if you bought a 500 ml bottle you'd basically spend years going through that bottle. So as we'd sell the product we were basically eliminating customers.After talking to the old man, his trick to success was traveling. But that wasn't on the table.So we shelved the idea, by this point we had basically recouped the $750 (I actually don't know if we did...but it would have been close)6 months passesLife goes on, 6 months (or so passes) when one day my friend invites me out to dinner and drinks with a friend. Guys night out.Turns out his friend is a general manager at a local privately owned jewelry store. We get to talking about business and he talks about how he's frustrated by customers wanting discounts and how often times the only way he can close the deal is by offering a discount.This sparks an idea in my head, but its not really fleshed out and I don't want to pitch it right now so I ask him "If I had a way for you to give out less discounts would you be interested in hearing me out?" he said "Yea sure I'd hear you out" we exchanged info.Flesh out the ideaSo I have a background in sales and marketing and have been through quite a bit of sales training and one thing I learned at one point was that gift giving can be a way to head off discounting a product. A $5-$10-$25-$50 gift can sometimes present more value to a customer then say a $500 discount.So I have this jewelry cleaner, that honestly I'm not interested in retailing. The fact is this cleaner...is not that special so its not like I have some protect-able product here. However what if repackage this product as a gift for Jewerly stores to give to customers?I find some cute 30 ml bottles, I find some nice microfiber clothes. small ones. I also find a little package I can put all of this into.All told I can buy enough (minimum order which could make 200 sets) bottles, microfibers, and containers and my cost per package would be right around $2.50So I buy everything and I produce 50 little "Gift Packages" of a Jewelry cleaner, a microfiber cloth, all in a nice little bag. I print up some labels and title them "Jewelry Cleaner"I then do some googling, pull up some articles talking about gift giving in sales basically dig for proof that my idea WORKS.I call up my new friend the general manager and tell him I got a way and an idea for him to get higher margins by offering less discounts and I want to show him.The MeetingGoing into the meeting I had a targeted price point of $5 with a min purchase of 50.I go into the meeting I start by showing him the cleaner. I show him how it works, how shiny and pretty it makes everything. I then show him my evidence how gift giving can be used to counter discount requests. And I walk him through a situation.Customer comes in, $3,000 piece of jewelry. Customer says he's going pay $2,500 you counter with "I'm sorry sir we are quite firm on the price, however what can provide you is this free jewelry cleaning kit so you can keep your investment pristine" (Pitch was better then this)If a customer doesn't ask for a discount, give it away as a gift as a thank you.He asked me how much I said min order is 50, $5 a kit. He counters saying $3 (I'm not about to make .50 cents a package) I counter with $5 and I'm firm he goes "$4" I go "lets slip the difference at $4.50"We shake hands he pays me $225 and I hand over 50 kits.3 Weeks laterGeneral manager calls me, says he loves the kits his sales rep have almost given them all away and he believes they are working. He works another 150 kits and wants to know how fast I can get them to him. I say sweet, need a week to deliver.He then tells me he doesn't want my crappy art work on the bottle, but his own brand. I know a graphic artist (the one I used the first time) can take his logo/print it on stickers and we will put his brand on the bottles. We get his logos printed, and it was basically a straight pass through (whatever the cost for the stickers was he paid)2 weeks later (it took awhile to get the stickers) we deliver 150 kits.RestockI see a real business here. I got a product, I got a customer, I got a system setup. I do some more research buy spending about $1,000 on bottles, packages, and microfibers I can get my cost of a package down to about $1.65 if I remember correctly.I do the order, I then put together a little outline of a power point with stats and examples and research on a one pager (back and front) with my contact info on why my product is a great product for jewelry stores to give away for free.Time to hit the streetsI took a week off from work, I loaded up my car with 500 packages, I had another 1,000 packages ready/in production at home. With more capacity available.I map out all my jewerly stores in my area and go door knocking, after a week of busting my ass I have a bunch of contacts.I cold call those contacts until I can get meetings. I scheduled about 14 meetings. Most of them happened, most stores bulked at my offering however I picked up 3 clients all who purchased around 100 kits each. At an avg price of $4.50-$5.50. (I Had created a price sheet, encouraging larger orders)Lets reviewI had 4 different stores ordering from me, each spending around $500 (at the time I was guessing) a month with me. With an avg margin of 65%-70% (not factoring in my labor of course) Basically a really solid side hustle for me, I was bringing anywhere from $1,000-$2,000 a month and my then girlfriend was doing most of the production and I was handling the business side of things + delivery.5 months passesI had added another store on my client list, I was now bringing in about $2k a month when my first client called me up. Told me every year all the jewelry stores in the region would come together for a little conference and they would also have vendors come show of their products and pitch their ideas. It was $5,000 for a table.$5,000 was a serious chunk of change to consider, but the way I figured it the business had funded it and it was worth the risk.PrepI had flyers with my research (basically my one pager) I had created before and after pictures of dirty jewelry/after cleaning and I had gone to 3 of my clients and got them to agree to record a quick testimonial on what my product had meant for their bottom line I also got them to agree to be a reference for any store that wanted to pick their brain on my product, how they used it, and what it meant to their sales. (In return I bribed them with 50 free packages)ConferenceConference comes around, never had any clue we had so many jewelry dealers show up. I actually got quite a bit of interest in my product. One guy in particular wanted to retail my product online but wanted slightly larger bottles. I also had a grand total of 20+ stores tell me they wanted to sit down and see if my product would be a good fit.ResultsOne very large order from a guy who wanted 5000 100 ml bottles he plan was to retail my cleaner (I'm fine with this) I agreed to sell him the bottle whole sale for $2.25 (my cost was just under $1)11 stores agreed to buy my packages, this was a grand total of 1,500 packages.All in all I had a $2,000 monthly steady stream from my clients before this. I had one large order for just over $11k and 11 smaller orders for a combined business of $7,125.Time to get a shop and an employee and legitimize this businessI worked with a lawyer and we created an LLC to protect myself, I then rented out a small shop and I hired one of my wifes friend to help us out with production. We setup a system of production and started knocking out orders. It took us some time to deal with the influx of orders but we eventually got it under control. We also had logistical issues with printing of labels/getting them on which I worked with my printer I used to solve.Basically we would charge a one time $500 fee if they wanted order their own logo and we'd print up 1,000~ labels for them. We'd then charge an extra .15 cents a package for every package after that for packages with their own branding on it. Very rarely did we even have to reprint the brand labels.A year inI had a "factory" about $6k in income per month, and a reliable "employee" we could call in to work for us when we needed it. After every thing was said and done were clearing anywhere from $2k-$2.5k a month.Growth planMy now wife and I sat down and we talked about growth, we had some fixed costs that weren't changing for the foreseeable future and honestly we would like to one day grow this business to something we could support ourselves on very comfortably and had a goal of about $15k-$20k a month in profit.Our big hope was the guy who ordered 5k orders. The issue was our product didn't sell that well for him and he told us he had no intentions of repurchasing from us. However what was working was the jewelry stores giving away our product for free (and we later found out a FEW of them were retailing our product but not many) so the direction the company had to take was to focus on what worked, get jewelry stores on board to give our product away for free.We created a referral program where every min order a jewelry store referred us to resulted in us giving them a courtesy 25 free packages on their next delivery. Over time we grew our network to 20~ stores.Another year passes, conference time againConference came up, we signed up again. This time we had an even more powerful presence. Long story short we ended up with about 35-40 stores ordering from us monthly. After doing a lot of digging. I felt we had reached a point where our current logistics limited us.LogisticsWe were in a funny space, we were bringing between $10k-$15k in revenue with a net profit of somewhere around $6k-$7k. In order for us to grow we had to get out of the region. The challenge was I made a really good living at my day job and would have to leave that job to really grow the business. However we were having the conversation about possibly having kids, and so forth the stablity of 9 to 5 was attractive and at the end of the day putting $6k-$7k which was partly a part time job was an attractive offering.So we made the choice to sit on the business, add clients where we could but maintain our customer base.Part of me wishes I'd have quit my job and gone into this full time...but decisions are decisions.Relationship goes on the rocksKeep this section breif, after about 2 yrs our relationship was on the rocks. My job was sucking. I was in a bad head space. This affected our business, we lost some clients because of poor service on our part. It didn't take losing many clients to have our fixed costs to have a huge negative impact on our margins.I wish I could tell you things improved but they didn't. We ended up getting divorced and through neglect the business fell apart. My ex wife had a lot of influence in the area, and I made the decision to pack my bags and move.That was the end of that.Details that I can remember on the businessI sourced my bottles, microfiber, and bags (that I put everything in) on alibaba or whatever that site is called (you guys know what I'm talking)The cleaner that I used was a mixture of something called purple something (It's been a few years, and honestly we bought it like twice) that was the base concentrate we would then mix it with water and window cleaner, now windex cause I believe we needed window cleaner with ammonia/or other scents in it.The cleaning solution itself...honestly wasn't all that impressive all things said. I mean it worked, but it wasn't revolutionary by any means of the imagination. And the cleaning solution itself was "almost free" a small amount of the purple cleaner with a couple bottles of window cleaner would make like 5 gallons. Per bottle cost came in at like 1-2 cents for the solution. Most expensive part of the package was as followsI also found it very cost effective to order the window cleaner in bulk, at first we were buying straight up from the store but we saved a pretty penny by buying in bulk.BottlePackage (bag, which we would change at store request/etc)microfiberSolution was a non-cost consideration (basically it was so minor I didn't even think about it)

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thebulletindesk · 6 years ago

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Saradha scam: SC refuses to set up special Bench to hear ex-Kolkata cop Rajeev Kumar’s plea

The Supreme Court on Tuesday refused to set up a special Bench to hear the plea of former Kolkata police chief Rajeev Kumar who sought an extension of the seven-day protection against arrest in connection with the Saradha chit fund scam case. Kumar had sought an extension of the time due to strike by lawyers in Kolkata.

Rajeev Kumar’s protection that began on May 17, will end on Friday – May…

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legalseat · 6 years ago

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Ordinance to Ban Unregulated Deposit Schemes: Bridging the Regulatory Gap

[Anirban Roy Choudhury is a banking and finance lawyer and an LL.M. (Finance) candidate at the Institute for Law and Finance, Goethe University Frankfurt]

In spite of various legislation, including the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and the Chit Funds Act, 1982, being in place throughout the last few decades, various entities regularly lured the unwary public with very high returns and tempted them to invest in their Ponzi schemes. The Securities and Exchange Board of India (SEBI) also attempted to tackle the situation by introducing the Securities and Exchange Board of India (Collective Investment Scheme) Regulations, 1999. However, financial scams continued to be reported from various parts of India on a regular basis, of which the Sharda scam originating in West Bengal is a glaring example.

It was clear that most of these Ponzi schemes and financial scams were orchestrated by entities who were completely outside the purview of the regulatory matrix. As a result, the Standing Committee on Finance (2015-16), chaired by Dr. M. Veerappa Moily, in its report dated September 21, 2015, proposed the introduction of a comprehensive regulatory framework for governing all activities involving acceptance of deposits from the public. A high level Inter-Ministerial Group was thereafter mandated to identify the gaps in the existing regulatory framework. The Inter-Ministerial Group, keeping in mind the suggestions of the Standing Committee, proposed the enactment of a comprehensive umbrella legislation aimed at criminalizing any form of promotion, advertisement, solicitation or acceptance of unregulated deposits. In view of the recommendations of the Standing Committee and the proposal of the Inter Ministerial Group, the Government of India promulgated the Banning of Unregulated Deposit Schemes Ordinance, 2019 (the ‘Ordinance’) on February 21, 2019.

Objectives of the Ordinance

The Ordinance is aimed at clearly demarcating deposits into ‘regulated deposit schemes’ and ‘unregulated deposit schemes’ and banning all unregulated deposit schemes. The Ordinance prohibits (i) anyone (being any individual or group of individuals, proprietorship, partnership firm or limited liability partnership, company, association of persons, private or public trust, co-operative society or multi-state co-operative society) from promoting, operating, advertising, soliciting or accepting deposits in connection with any ‘unregulated deposit schemes’, and (ii) fraudulent default in redemption of ‘regulated deposit schemes’ upon maturity.

Pursuant to the Ordinance, regulated deposit schemes include schemes and arrangements stipulated under the first schedule to the Ordinance which are regulated by specified regulatory bodies including, amongst others, SEBI, the Reserve Bank of India, the Insurance Regulatory and Development Authority of India, the National Housing Bank, and the Pension Fund regulatory and Development Authority. Whereas, any scheme or arrangement falling outside the ambit of ‘regulated deposit schemes’ is tantamount to an ‘unregulated deposit scheme’ and are strictly prohibited.

What is a ‘Deposit’ Pursuant to the Ordinance?

There has been much-misinformed outcry that the Ordinance bans all forms of deposits including loans and advance payments. However, that is not true and, although pursuant to the Ordinance deposit includes all monies received by way of an advance or loan or in any other form with a promise to return whether after a fixed tenure or otherwise with or without any interest or profit, it does not include certain types of loans and advance payments.

Section 2(4) of the Ordinance clearly states that, amongst others, (i) loans availed from banks, non-banking financial companies and public financial institutions, (ii) monies availed from foreign banks, foreign governments, multilateral financial institutions, export credit collaborators, etc., (iii) contributions toward partnership capital in partnerships including limited liability partnerships, (iv) loans availed by individuals from relatives or loans availed by partnership firms from relatives of its partners, (v) contributions received by political parties, and (vi) monies (non-refundable) received for the purpose of or in the course of regular business including (a) payments (by way of advance or instalments) received in relation to sale/ hire of any property (movable or immovable) and provision of services, and (b) performance securities deposited for due performance of any contract for supply of goods or provision of services, are outside the purview of the Ordinance and will not be affected by the provisions of the Ordinance. It must, however, be noted that in case of companies receiving any deposits, they will be subject to the definition of ‘deposit’ under section 2(31) of the Companies Act, 2013 read with the provisions of the Companies (Acceptance of Deposits) Rules, 2014 as amended from time to time, and ‘deposits’ as defined under the Ordinance will not be applicable to them.

Central Database and Sharing for Information

The Ordinance proposes to establish a repository for storing all relevant details about deposit takers operating in India. Accordingly, it provides for the setting up of an online database by an authority so designated by the Central Government. All deposit takers are required to report to the said authority such details in such manner as may be prescribed. Any default in complying with the mandatory reporting requirement will call for a fine which may extend up to INR 500,000.

It must be noted that only deposit takers engaged in accepting ‘deposits’ as defined under section 2(4) of the Ordinance are required to comply with the said reporting requirements. Therefore, deposits, loans and advances exempted under the said section 2(4) are not required to be reported. However, companies accepting deposits under chapter V (Acceptance of Deposits by Companies) of the Companies Act, 2013 are required to comply with the said reporting requirements. Further, every State Government is required to appoint a competent authority in terms of section 7(1) of the Ordinance (the ‘Competent Authority’), who shall have the same powers as vested in a civil court under the Code of Civil Procedure, 1908. The Competent Authority can, if it is of the opinion that any entity is soliciting or accepting deposits pursuant to any unregulated deposit schemes, seek such further information from such entities as it may consider necessary.

The Ordinance also provides for sharing of information and mandates the Competent Authority to share all information received from the police in connection with any unregulated deposit scheme with the Central Bureau of Investigation (‘CBI’). The Ordinance also requires the government, regulators, the income tax department and other investigation agencies, in case it has any information or document pertaining to any offence under the Ordinance being investigated by the police or the CBI, to share such information or document with the police or CBI, as the case may be.

Restitution Mechanism, Offences and Penalties

The Ponzi schemes in the past managed to swindle monies collected by them and it has been extremely difficult for authorities to recover such monies from the defaulters. In order to overcome this challenge, the Ordinance provides for a restitution mechanism and proposes to attach properties of the defaulting deposit takers and repay the depositors from its proceeds.

It is also relevant to note that the Ordinance, subject to the provisions of the SARFEASI Act, 2002 and the Insolvency and Bankruptcy Code, 2016, places claims of depositors in priority before all other outstanding debts and tax liabilities. Further, a provisional attachment order passed by the Competent Authority pursuant to the Ordinance will, to the extent of the claims of depositors, have priority over attachment order(s) passed by any other authority.

The Ordinance also requires State Governments, in consultation with the Chief Justice of the concerned High Court, to appoint one or more courts presided by a judge not below the rank of a district and sessions judge or additional district and sessions judge to be the designated court (‘Designated Court’). The Designated Court(s) shall have the exclusive jurisdiction to adjudicate matters in connection with the provisions of the Ordinance.

The Ordinance has paved the way for stringent penalties, including imprisonment, for anyone involved in soliciting or accepting deposits pursuant to any unregulated deposit scheme, both of which are cognizable and non-bailable offences. According to section 21 of the Ordinance, anyone who solicit deposits pursuant to any unregulated deposit scheme will be liable for imprisonment for a minimum term of one year (and maximum, five years) together with a fine of minimum INR 200,000 (and maximum, INR 1 million). Moreover, if they accept from anyone such deposits, they will be liable for imprisonment for a minimum term of two years (and maximum, seven years) together with a fine of minimum INR 300,000. Further, in case such deposit taker defaults in repayment of the deposits, they will be liable for imprisonment for a minimum term of three year (and maximum, ten years) together with a fine of minimum INR 500,000 (and maximum, twice the aggregate amount of deposits collected).

The Ordinance also criminalises any default in redemption of regulated deposit schemes. Pursuant to section 22, in case of any such default, the deposit taker will be liable for imprisonment for a term of up to seven years and/or fine of minimum INR 500,000 which may extend up to INR 250 million or three times the amounts of profits generated from such default, whichever is higher.

For repeat offenders, the penalties are even more stringent and includes imprisonment for a minimum term of five years and fine of INR 1 million which may extend up to INR 500 million. Further, in case where the deposit takers are not individuals, all persons who at the time were in charge of its affairs will be deemed guilty of the offences.

Way Forward

Two issues that have been especially harrowing since the time the idea of the central legislation was floated are the treatment of (i) loans received from relatives and (ii) advance payments received by real estate companies. Section 2(4) of the Ordinance makes it abundantly clear that such loans and advance payments are not ‘unregulated deposit schemes’ and therefore will not be affected by the provisions of the Ordinance. However, it must be noted that while all form of loans from relatives (‘relatives’ having the same meaning as ascribed under the Companies Act, 2013) are outside the purview of the Ordinance, only advance payments received by a real estate company towards an actual sale of an immovable property is outside the purview of the Ordinance. Therefore, only amounts received for a designated transaction is allowed and such amount can only be adjusted against the future sale consideration. In case the amounts received by such real estate companies are proposed to be returned to the depositor with or without any form of interest, after a fixed tenure or otherwise, such amounts received will tantamount to be ‘unregulated deposits’ and will be barred by the provisions of the Ordinance.

The Ordinance is issued in public interest and its key objective is to prevent unscrupulous persons from luring the unwary and gullible public to invest in their Ponzi schemes. It should not create any roadblock for legitimate business transactions as enough carve-outs have been made in the Ordinance to that effect.

However, while the Ordinance is a step in the right direction and attempts to bridge the regulatory gap and put in place a comprehensive law for tackling unregulated deposit schemes, its success will largely depend on each state government and its agencies who are ultimately responsible for implementing most of the provisions of the Ordinance.

– Anirban Roy Choudhury

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